Feb
20
Help With Foreclosure Proceedings – Should I Close My Savings Account?
Bywe have a HUGE monthly mortgage and haven’t paid our bills in like 6 months- so they start our hardship paperwork (to avoid foreclosure and possibly qualify as we have a Fannie Mae loan) as i lost my job. The problem is that my wife has a seperate savings account with about 7k in it that she was saving to open a business with her mother. We have to report all our financial information to qualify for the hardship, including this account. Any advice? Should we just make a big withdraw, but then they’ll see that? Any help would be appreciated. Thanks!
2 Comments
February 20th, 2010 at 8:31 pm
$7,000 can be spent by a family in one month. You are not rich. You still qualify for the hardship. Tell the truth. In the fine print of the papers you sign is “It is a crime to lie to a federally insured lender”.
So don’t lie. And don’t hide the money.
February 20th, 2010 at 10:22 pm
Yes, they are going to see it. You can’t cry hardship while you are sitting there with $7,000 in the bank that you don’t “want” to spend on bills because you are “saving” for something else.